National Association of Insurance Commissioners efforts to change the way residential mortgage-backed securities are treated in risk-based capital calculations may have little effect on Fitch Ratings’ assessments of U.S. life insurers.

Fitch, Chicago, says it takes a more complex approach to capital analysis than regulators do. Although Fitch considers NAIC RBC ratios when setting ratings, the rating agency says it does not believe the adjustments proposed by the NAIC, Kansas City, Mo., will have a material effect on its analyses of insurer capital strength.